Customer churn prediction is one of many problems faced by all organizations, both in product as well as service sectors. One or more factors that may lead to customer churn include influence of churned customers on the already existing customers, internal factors of the organizations such as, quality of service/offering, lack of customer engagement strategies, and external factors such as, low cost offering from market competitors.
As organizations have control over the internal factors, therefore, it is easy to determine a remedy for the internal factors. However, determining a remedy for external factors, on which the organization does not have control, is a difficult and a nontrivial task. Additionally, determining the influence of churned customers on existing customers remains a challenge.
Further limitations and disadvantages of conventional and traditional approaches will become apparent to one of skill in the art, through comparison of described systems with some aspects of the present disclosure, as set forth in the remainder of the present application and with reference to the drawings.